Following the current bearishness, the crypto market has found itself in yet another difficult scenario. The market’s continuing losses come far too soon, as investors have yet to fully appreciate the bullish market. The main reason for the drop in Bitcoin and other currencies, according to analysts, is the nuclear power plant fire in Europe, which has sparked outrage.
For a few days, Bitcoin and other coins had some relief as the market gathered traction. It made some short-term gains before reverting to its old ways of losing money. Since October 2021, the market has been navigating treacherous waters. It has sustained massive losses since then as it has reversed its rapid gains. The final victim of the dips is the investor, who loses a lot of money.
Altcoin Markets to Spring Up!
According to a renowned crypto analyst, the overall market share of altcoins against Bitcoin (BTC) will increase in the next few months. Nicholas Merten says to his YouTube subscribers in a new video that the measure of altcoin market valuation compared to BTC, known as altcoin dominance, is creating a pre-rally pattern.
He says, despite the fact that cryptocurrency dominance has waned a little, we’re still holding up this constant resistance range. The concern now is if we can establish a higher bottom here around 55.5 percent, which would be higher than the big lows we experienced in October and July.
The analyst adds that if we achieve that, I think we’ll see spring up into May and July, not only where Bitcoin is performing well, but where Ethereum and many other players in the market might start to do just as well and continue growing against Bitcoin in their ratios.
In terms of Bitcoin, Merten claims that the king currency is aiming for a market cap of $4 trillion. The analyst also expects the flagship crypto asset to climb by more than 200 percent.
He explains that we had a 392 percent price growth from the prior highs as we did back from the lows to the relative high we had in June of 2019, and also when we revisited that range. All we’re asking for is a 220 percent return over a longer period of time, not just a longer period of time.